USG Q3 loss widens

USG Corp. reported third-quarter net loss of $115 million, compared with a net loss of $100 million in the third quarter of 2010. Net sales for the quarter totaled $792 million, up 4.5% from $758 million in the prior-year period.

"Many of our key markets continue to experience recessionary levels of demand that are near record lows," said James Metcalf, president and CEO. "To accomplish both our short-term objective of returning the company to an operating profit and our longer-term aspiration of reducing volatility in our earnings, we will continue to execute our three strategic priorities: strengthening core businesses, diversifying earnings and differentiating USG through innovation. We remain confident that by pursuing these strategies USG will remain a leading building solutions provider in its key product categories and markets."

The corporation’s adjusted operating loss was $17 million in the third quarter, compared with $23 million in the year-ago period. Adjusted operating loss excludes restructuring charges and non-cash long-lived asset impairment charges. The majority of these charges were non-cash and primarily relate to the planned closure of a gypsum quarry and ship loading facility in Windsor, Nova Scotia, Canada, that were idled in the first quarter of this year.

For the first nine months of 2011, the building products company reported a net loss of $290 million, compared with a net loss of $284 million in the first nine months of 2010. Net sales for the period totaled $2.3 billion, up 4.5% from $2.2 billion in the prior-year period.

Builders FirstSource points to improvement

Builders FirstSource, the Dallas-based pro dealer, posted its best operating performance since the third quarter of 2007.

The company’s third quarter had sales of $217.2 million, up 20.4% from the same quarter last year. The company’s net loss narrowed to $11.6 million, down from $20.5 million in the third quarter of 2010.

The company reported gross margin percentage was 20.5%, up from 19.7%, a 0.8 percentage point increase from the third quarter of 2010. Specifically, margins improved 1.1% points due to increased sales volume combined with a decrease of fixed costs in costs of goods sold, which was offset slightly by a 0.4 percentage-point decrease in sales price.

"Though our financial results have continued to show improvement, the housing market remains very challenging, as does the overall state of the economy," said CEO Floyd Sherman.

According to Sherman, demographic trends and growing population must at some point boost demand for housing. "We are still optimistic about the long-term outlook of our industry, due largely to the increasing disparity between the current low level of housing starts and the on-going housing demand being created by current demographic trends," he said.

Toll Brothers partners with EchoFirst

Luxury home builder Toll Brothers has partnered with EchoFirst, a solar energy provider, to build new communities in Arizona that provide a complete solar energy system for water, heating and cooling. EchoFirst supplements conventional solar electric PV panels with solar thermal technology that generates electricity for hot water, as well as thermal energy for heating and cooling the home. This enables Toll Brothers to offer homes that use 70% to 80% less energy than a standard code-built home, according to the announcement.

“We’re focused on delivering superior energy monitoring and applications, and Echo was the clear choice in the Arizona market,” said Mark Bailey, VP of Toll Brothers. “We’re thrilled that buyers of Toll Brothers homes in new communities in Arizona –Stratland Estates in Gilbert and Wingate Ranch in Scottsdale — can realize the tremendous benefits of Echo’s game-changing technology.”

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